Lol mean "laugh out loud" it's often used while texting, if someone texts you something funny you can say "LOL" meaning that you find it funny. It's also used many times on social media platforms such as Twitter, Facebook, Instagram etc.
John: "Wanna hear a joke?"
Kevin: "Sure"
John: "What's big, green and sits in the corner?"
Kevin: "What?"
John: "THE INCREDIBLE SULK!"
Kevin: "LOL"
Kevin: "Sure"
John: "What's big, green and sits in the corner?"
Kevin: "What?"
John: "THE INCREDIBLE SULK!"
Kevin: "LOL"
by Bruh_21 April 25, 2015

A phrase meaning, "laugh out loud" commonly used in text speech. Kind of annoying if used in speech.
(person 1) How did the chicken cross the road?
(person 2) I don't know, how??
(person 1) With its feet!
(person 2) LOL!
(person 2) I don't know, how??
(person 1) With its feet!
(person 2) LOL!
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